IU Engulfing Candlestick Pattern

DISCRIPTION
📈 The IU Engulfing Candlestick Pattern indicator spotlights both bullish and bearish engulfing formations in real‑time. It shades each pattern with a transparent box and drops a concise label so you can catch potential reversals at a glance—no clutter, no noise, just the candles that matter.

USER INPUTS :
1. Pattern Recognition Based on = “Both” | “Wicks” | “Body” ( Default Both )
 • Both → only highlights candles that satisfy **both** wick‑and‑body engulfing rules
 • Wicks → checks full candle range (high‑to‑low)
 • Body → checks only the real bodies (open‑to‑close)
2. Show Labels ( Default true )
If ticked then it will show the text as "Bullish Engulfing" or "Bearish Engulfing".
3. Show The Box ( Default true)
if ticked then it will show the green or red boxes.

INDICATOR LOGIC:
🔹 Bullish Engulfing (green box)
 – Current bar closes higher than it opens and fully “wraps” the prior bar per your chosen rule.
🔹 Bearish Engulfing (red box)
 – Current bar closes lower than it opens and fully “wraps” the prior bar per your chosen rule.
🔸 When a pattern confirms:
 1. The script records the local high/low range.
 2. Draws a semi‑transparent box spanning the engulfing pair.
 3. Prints a compact up/down label exactly at the reaction point.
 4. Fires a once‑per‑bar alert (“Bullish Engulfing” / “Bearish Engulfing”) you can route to webhooks or notifications.

WHY IT IS UNIQUE:
✨ Combines classic body‑only engulfing with an optional wick filter, letting traders demand stricter confirmation when markets are noisy.
✨ Box overlays visually segment the engulfed range—clearer than single‑bar markers.
✨ Lightweight: one input, zero repaint, and capped at 500 boxes to keep charts responsive.
✨ Ready‑to‑use alerts—no extra code needed for automation.

HOW USER CAN BENIFIT FROM IT :
- Spot early reversal zones or continuation thrusts without scanning candle by candle.
- Pair the alerts with trading bots, TradingView strategy testers, or mobile push notifications.
- Adapt the strictness (Body vs. Wicks vs. Both) to suit different assets, timeframes, or volatility regimes.
- Use the colored range boxes as dynamic support/resistance references for entries, targets, and stop‑loss placement.

📌 Tip: Test on multiple instruments and timeframes to find the sweet spot that matches your risk profile. This script is for educational purposes—always combine with sound risk management and confirm signals with broader market context.

Disclaimer :
This Video is not financial advice, it's for educational purposes only highlighting the power of coding( pine script) in TradingView, I am not a SEBI-registered advisor. Trading and investing involve risk, and you should consult with a qualified financial advisor before making any trading decisions. I do not guarantee profits or take responsibility for any losses you may incur.